Rich WA residents say they need $2.2M for retirement

Affluent Washington state residents say they'll need an average of $2.2 million to pay for their retirement, according to a new study.

That's slightly less than the national average of the $2.3 million that rich Americans say they'll need for retirement.

Ninety-seven percent of Washington's rich "are feeling confident about their ability to achieve their ideal retirement lifestyle," which compares to a 94 percent confidence rate nationally, according to a study by BMO Private Bank.

In Washington state, according to the study, rich people will leave 20 percent of their wealth to their children, which compares with 36 percent nationally.

Fifty-seven percent of rich Washington residents say their children will be worse off financially than they are, compared with only 35 percent nationally.